The best-prepaid cards of 2023
Many people wonder which is the best-prepaid card right now. That is why we have compiled a top list of the best-prepaid cards from Visa & MasterCard.
What is a prepaid card?
Prepaid cards basically work like regular debit cards – that is, they have no credit attached to them. The difference between prepaid cards and debit cards is that a prepaid card does not have a bank account linked to it. Prepaid cards are also characterized by low application requirements and a niche area of use.
However, the term is not clearly defined, as there are actually two types of prepaid payment cards:
- Single-use card: Pay goo is the only one that offers such a card solution. It is bought at eg 7-eleven or the press office and is preloaded with an amount. The card has no bank account linked to it and works like a gift card that can be used everywhere. When the money runs out, you simply throw the card away.
- Rechargeable prepaid card: Many are based on products called Prepaid MasterCard or Prepaid Visa. They are prepaid in such a way that you constantly have to deposit money in advance to be able to use the card. So you deposit money just like with a debit card, but the difference is that you are not the owner of the underlying bank account.
This means that the line between a regular debit card, e.g. Swedbank’s Bankkort MasterCard, and a card like Paygoo Reload is very fine. Both require a deposit before use, can handle bank transfers and work worldwide. However, how you deposit differs. For Revolute, for example, this takes place via IBAN, PFC via Swish/plus giro, and so on.
Something that, in practice, however, sets them apart is that virtually all “ordinary” debit cards require you to become a customer of the bank. While in order to get a prepaid card, you usually only need to provide basic information and go through a superficial verification process and receive the card in the mail.
For this reason, we have chosen to write about both prepaid cards and regular debit cards in this article, since they can be used in exactly the same way.
Comparison of popular prepaid cards
When it comes to reloadable cards, Revolut, N26, PFC, and Lunar are the only choices in Sweden. Paygoo also exists – however, it has no benefits at all and has high costs and has therefore been excluded from the overview.
In the table below, we show information for all card issuers’ standard cards – that is, the free variants.
|Annual fee||SEK 0||SEK 0||SEK 0||SEK 0||SEK 0|
|Withdrawal fee||Free (up to 3000/month)||Free (up to 2000/month)||1.7% (free for EUR)||Free (up to 1000/month)||SEK 9 outside Sweden|
|Top up the card||Swish, Trustly||International transfer||International transfer||Swish, Plusgiro||Card/swish/bank|
|Read more/apply||To Rocker||To Revolut||To N26||To PFC||To Lunar|
In addition to what appears in the table, there are also certain limitations. For example, N26 only offers 3 free cash withdrawals within the EU per month.
In many ways, these players’ standard cards are equivalent. However, it is worth mentioning that Revolut also includes a bank account with several beneficial services such as trading shares, commodities, and cryptocurrencies at low fees.
Then a prepaid card is suitable
So who is a prepaid card really a good option for? There are a couple of distinct uses for prepaid cards:
- To take with you on the trip: As many prepaid cards offer free withdrawals and currency exchanges, it is perfect for traveling. Instead of paying expensive fees on holiday, you can instead draw your prepaid card at restaurants, in shops and to pay for activities. Should you get the card stolen or lose it, there is no danger – it is probably not your regular card
- For those of you who find it difficult to get other cards: If you have a payment note or debt balance with the bailiff, these cards are a good alternative. Prepaid card issuers accept payment notes, unlike credit card issuers.
- To keep track of expenses: Several of these cards are issued by so-called neobanks. They are innovative and in many cases add advanced functions to their apps so that you can easily keep your personal finances in order.
- For you with children: It is possible to give these cards to children or young people and then, if necessary, load the card with money. For those of you who want to teach your child to manage money, prepaid cards are a good tool.
- As an extra card: Should you lose your regular card, it can be good to have a backup. One advantage of prepaid cards is that they rarely have an annual fee.
It is the easiest, most convenient, and safest way to pay or dispose of your money.
It is the means of payment that uses the available amount that you have loaded on your card. It is the easiest, most convenient, and safest way to pay or dispose of your money.
The Prepaid Card allows you to choose the amount you want to use, control your expenses and shop with the greatest security.
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- Charge the amount you need up to a monthly limit of Gs. 18,000,000.
- Buy in thousands of local and international stores in the safest way.
- Take control of your purchases with the peace of mind that you will spend only what is necessary.
- Check the balance and movements through Mobile Banking and Home Banking.
- Make inquiries or withdraw money at more than 1,000 ATMs in the Infonet network and at ATMs in the Plus or Cirrus network around the world.
In addition, you can
- With Mobile Banking, receive push notifications on your cell phone of all the operations you carry out with your card, such as purchases in local and international businesses*, cash withdrawals at ATMs or at the cash register, payment of services, transfer of funds, balance at dawn, change PIN, among others. You can also choose other means of notification such as SMS or email.
- Turn your card on or off from your cell phone with just one click or limit the number of your purchases by channel, country, or type of business.
- Modify the PIN of your card. The PIN is a 4-digit numeric code, which you need to use your card. Remember that the PIN is personal and you can change it as many times as you want by following a few simple steps at any ATM.
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How do I get it?
- Copy of identity document
- Proof of income:
- Dependents: Certificate of Income or Salary Statements.
- Independent Professionals: RUC and Balance or DDJJ VAT of the last 3 months.
- Address: Photocopy of a public service bill
- If the card user is a minor:
- The minimum age to apply for a card is 14 years. Up to the age of 18, the application must have the signature of a guardian/responsible person.
If you are a Non-Resident, consult the link requirements with our Account Executives.
All customer relationships are subject to evaluation by the respective internal areas of the bank.